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HS RESOURCES COMPLETES BMR CORPORATION ACQUISITION

 SAN FRANCISCO, Aug. 2 /PRNewswire/ -- HS Resources Inc. (NASDAQ: HSRS) (HSR) announced on July 30 that it had closed the purchase of all of the outstanding stock of BMR Corp. (BMR), the parent of Energy Minerals Corp. (EMC). The final purchase price was $19,493,293 plus interest from the effective date of April 1 to the July 30 closing, plus the assumption of $3,525,000 of net liabilities. This price is slightly different from that previously announced and reflects certain small adjustments developed as a result of the due diligence process.
 HSR's engineering shows that the acquisition will add more than 6,500,000 barrels of oil equivalent to its reserve base. HSR acquired working interests in more than 186 wells, of which 150 are operated, and acquired overriding royalty interests in 445 additional producing wells. HSR's engineering staff has also identified approximately 140 proven undeveloped and probable drilling locations on the approximately 38,000 net undeveloped, prospect-specific acres acquired as part of the transaction. Dennis Holler, HSR's chief technical officer was quoted as saying, "After additional leasing has taken place, and a 3-D seismic program is conducted, we believe that additional prospects will be developed." HSR currently plans to drill 60 wells on the EMC acreage over the next three years, but that number may be increased and accelerated depending on initial results.
 According to HSR's Chief Development Officer Bill Lancaster, "The BMR acquisition is a nice strategic fit for HSR. We had already targeted the D Sand as a natural expansion to our existing assets in the Denver-Julesberg Basin, and an excellent application for 3-D seismic. A recent technical study by the Department of Energy confirms the potential effectiveness of 3-D seismic in identifying the D channel Sand." To supplement the acreage position obtained through the acquisition, HSR has teams in the field leasing prospective acreage. The company also anticipates that its first 3-D seismic program will be conducted by the end of the third quarter or start of the fourth quarter of this year.
 HS Resources Inc., an oil and gas development and production company, is one of the most active independents in the Rocky Mountains. Its common stock is traded on the NASDAQ National Market System under the symbol HSRS.
 -0- 8/2/93
 /CONTACT: Theodore Gazulis of HS Resources, 415-433-5795/ (HSRS)


CO: HS Resources Inc.; BMR Corp.; Energy Minerals Corp. ST: California IN: OIL SU: TNM

LH-TM -- SF005 -- 8496 08/02/93 16:02 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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